Nick Batsford, CEO of Tip TV, was alongside Zak Mir, technical analyst for ShareProphets.com, and Alessio Rastani, independent market trader for leadingtrader.com to discuss the morning’s headlines.
Major Headlines
Batsford highlighted that Hong Kong has entered bear market territory, meanwhile gold seems to be the high point whilst China remains the low event concerning the global economy. He continued and noted how US hedge funds are positioned most defensively since 2011, and Mir contributed that the September Greek election leaves the door open again for a Greek exit from the EU.
S&P 500 breaks down overnight, FTSE: 8th day down
Mir noted the breakdown of the S&P 500 late yesterday and overnight, with Rastani adding that taking out the 2040 level before the close has opened up the possibility for further downside. Mir outlined that closing your eyes is the best tactic for the FTSE 100, after experiencing another down day to take the tally to 8 consecutive days down.